The Key to Success with 1-Cent, No
Reserve Auctions
by Sherah TaylorWe've all
seen them: the Powersellers on Ebay who start their auctions at 1
cent with no reserve. .. and usually end up making a killing.
So, how do they know if it will go
high or not? And even worse, what if it sells for the starting bid
of 1 cent?
Let's dig a little deeper to see
what really goes on behind the scenes.
The Golden Key: Research!
Before you do anything else, always
research similar items that have sold recently for a high price on
Ebay. We'll use a 2pc. Tommy Hilfiger set; size 18 months, as an
example.
Say the outfit cost you $9.99 and
you need to sell it for at least $15.00 to make it worth your time
and at least cover costs. The logical price to start it at is
$14.99. Right? Hmmm. . . maybe not.
Looking Over Your Competition's
Shoulders
The completed auctions will tell us
exactly what we're looking for, and most importantly, what price
these same items ended at. In this case, we'll be looking in the
category "Infants" size 12-24 months.
Type in the words "Tommy Hilfiger".
Click on "Completed Auctions," and then "Sort By Highest Priced".
Skim through the ended auctions,
looking for any Tommy outfits that look similar to yours. In this
way, your competitors have already tested the market to show you if
it will sell or not, and at what price.
Ask yourself: Do you see a lot of
other auctions very similar to yours that ended low, or is your item
consistently ending at a high price?
If your item looks like a hot
seller, then you have a very good chance of attracting bids like
crazy if you start it at 1 cent.
But if you see numerous auctions
similar to yours that did not do well, then pay close attention: do
not start your auction at 1 cent, or you will most likely lose
money.
You absolutely must know without a
doubt that your item will sell for a high price before you decide to
start it at one penny.
Research will be your key to
success with 1-cent auctions, I can't stress that enough. It's a
very valuable, often overlooked tool.
Here's How It Attracts Bidders:
The 1-cent starting bid allows many
people to bid in small increments, thus showing up in the eBay
search engines as having LOTS of bids.
This makes it very attractive to
people because they see the auction as a hot item. Something about
human nature always wants things even more when we see that others
want it too.
We see that with little children
all the time.
With 20 toys lying around, a child
can pick up just one toy, and the other child immediately wants it
too - even when there are 19 other available toys almost identical
to it.
Translation: drive up the bids
using the 1-cent method, which will in turn draw more bidders to
your auction instead of your competitor's, who has their item priced
at $14.99, a "safe" price.
But their auction will most likely
not reach the high prices that yours will, and it definitely won't
draw the traffic.
Why No Reserve?
Reserve auctions tell the bidder
that you probably aren't going to sell your item at a low price.
Most people look for a bargain on eBay, and they will usually go
hunting elsewhere for a better deal before they bid on a reserve
auction.
So with your tantalizing "carrot"
of a 1-cent auction with no reserve, they can't resist a bargain.
They have to bid, even just 50 cents more. Which in turn, makes your
bid numbers go up. . . and up. . . and up!
Go try it! You will love the thrill
of watching your auctions go higher than they normally ever would
with this 1-cent, no reserve technique.
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